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FxWirePro: GBP/USD faces strong support at 233- 4H MA, good to buy on dips

  • Cable recovered almost 140 pips from the low of 1.38569 made yesterday. The pair upside surrenders near 1.40 level and showing a minor selling from that level. It is currently trading around 1.39750.
     
  • UK GDP came slightly weaker than expected. The second revised estimate of was lowered to 0.4% down form the first estimate of 1.5%. But hawkish comments from BOE policy makers is preventing the downside of Pound sterling.
     
  • Technically on the lower side, near term support is around 1.39200 and any break below will drag the pair down till 1.38600/1.3800/1.37600 (Feb 9th low). Short term bullish invalidation below 1.3800 (Feb 14th low).
     
  • The near term resistance is around 1.4000 and break above will take the pair till 1.4050/1.4145. The apir should break above 1.4145 for further upside.

It is good to buy on dips around 1.3920-25 with SL around 1.33850 for the TP of 1.4125/1.4288

 

 

 

 

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